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Hello everyone, today Avatrade Aihua Foreign Exchange will bring you "[Aihua Ava Foreign Exchange Decision Analysis]: The US dollar consolidates its recovery gains, Trump has relaxed, and the Sino-US trade war is expected to be downgraded!" Hope it will be helpful to you! The original content is as follows:
The US dollar (USD) rebounded sharply on Tuesday, with the US dollar index rising more than 1% on the day. S&PGlobal will release preliminary data on the Manufacturing and Services Purchasing Managers Index (PMI) for Germany, the euro zone, the United Kingdom and the United States on Wednesday. The market will also closely monitor the avatradescn.comments of the central bank governor.
Worries about the loss of independence of the Federal Reserve (Fed) have eased, causing market sentiment to improve during the U.S. session on Tuesday.
U.S. President Donald Trump said at a press conference that despite being frustrated with high interest rates, he had no intention of firing Fed Chairman Jerome Powell. "The media ran away with things. No, I have no intention of firing him. I want to see him be a little more positive in the idea of lowering interest rates," Trump said. Regarding trade talks with China, he noted that they were going well, adding that he thought they would reach an agreement.
Reflecting a risk-positive market environment, major Wall Street indexes rose more than 2.5% on Tuesday. In early Wednesday, U.S. stock index futures rose 1.3% to 2%, while the U.S. dollar index remained in a negative area above 99.00. Later that day, the Fed will release its Beige Book.
Basic Forex Market Market:
Euro/USD fell 0.8% on Tuesday, erasing most of Monday's gains. The pair regained traction after falling to 1.1300 in the Asian session on Wednesday and rebounded to 1.1400 at the start of the European session.
The GBP/USD fell below 1.3250 early Wednesday after closing in the negative territory on Tuesday. The pair successfully rebounded and broke through early in the morning in Europe1.3300, avatradescn.comErased its daily losses in the process.
Earlier Tuesday, the USD/JPY fell below its lowest since September below 140.00, the USD/JPY reversed and closed with an increase of about 0.5%. The pair stabilized above 141.50 during the European period.
Bulle market fundamentals:
In terms of energy trading, the US benchmark crude oil price rose $1.23 to $64.31 per barrel. International benchmark Brent crude oil price rose 44 cents to $67.88 a barrel.
At the same time, as tensions between the United States and China are expected to ease, gold's safe-haven appeal weakened, with spot gold falling 1.9% to $3,315.23, losing to the 3,300 mark earlier.
Analysis of major currency trends:
Euro: Euro/USD breaks through 11357 secondary support level, indicating a short-term peak of 1.1572, in the case of a bearish divergence of 4HMACD. Intraday bias has declined again, resulting in a deeper callback. But the downside space should be bound by the 38.2% retracement level of 1.1039 from 1.0176 to 1.1572. On the bright side, breaking through 1.1572 will resume a larger upward trend.
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